Tutorial | Tarot & Trends From THE KING OF FUTURES!No April Fools joke here , the first card I pulled off the top of my Trader Tarot Deck (thanks @TradingView) was the KING OF FUTURES. Maybe there is something to this Tarot thing?
Tline
A Measured Move could take CVX to the Century Mark 100the Extreme Turn Buy signal comes in at a key support zone. CVX showed an impulse move from %83 to $95.50. The initial Ext Turn buy produced a nice winner and now we're back at the key
level as the markets trade to new highs. Could pull in to till the $85-86 Gap then go. Looking for 4% move to High to High trendline then 13% to $100 on a 1 to 1 move from the impulse leg.
Options Trade: CVX option would be JAN 85/100 Bull Call Spread for $5 or better.
AMGO, a bull trading opportunity I am not a indicator trader and I never use them in Forex or any other big market but to be honest for penny markets indicators work better than Elliot wave. I usually use basic Elliot concept + Indicators to trade penny.
This one shows some good volume and also the price close above the T-Line( 8ema) and 50 day sma
Keep it going as long you see a sell signal and close bellow the T-line
Aboe tline at moment - BULLISH -20ma support -bullish divergenceRSI & CCI Bullish divergence
above t-line and 20ma
look for support at the 20ma for a possible entry. around 2215
BTC saved by a bounce up off the weekly charts tlineA bearish break down from the recent bullflag sent the price briefly plummeting and threatening to create a lower low by going under $8650 but the price was stopped just short of doing so at $8808 by the strong bounce support of the 1 week chart's tline(not shown but indicated here by the 100% fib extension). These 2 lines overlapping formed a double reinforced support and allowed for a very nice bounce which left a bottomwick there as it went upward until the body of the candle found support at a former longstanding trendline of strong support(in purple) sitting at 8900. . . from there with the rsi, stoch rsi, and mac d levels cooled off and having room to rise we have slowly pulled ourselves back above the 4hr chart's tline at $9056 (in yellow) and are using it as current support. It's crucial to keep this line as support as it is our best hope at continuing the bull climb. Now that we have closed several 4 hr candles under the 4hr 50MA (AKA Buy Sell Line) We are technically in a sellers market on the 4hr time frame. This usually leads to more downside as the path of least resistance...and with the bearish cross of the 8ema(tline) going under the 50MA that can lead to bearish price action as well of which we have already seen some of. The good news is, on the bigger 1 day chart...we are still well above the 1day buy sell line so on the daily we are still in a buyer's market...therefore with all the current strong support lines we have around the current price action, and because we are well above the 1 day chart's 50 MA, it is still very possible for us to find a way to climb back above the 4hr chart's buy/sell line as well. it won't be easy however because the price action is now forming a small rising wedge with a rounded bottom on the 4hr chart. Rising wedges are typically bearish patterns and tend to break down...it is for these collective reasons collectively that I am switching the current idea from long to neutral. I'm still holding my position but ready to ladder fractional shorts should we begin to break down. I have illustrated with green and red hyphenated/dotted trendlines how far one can expect a break down or up of the rising wedge. Lastly, important to note that the trajectory of the Eve line is still on target to converge with the double bottoms neckline on May 3rd. However a break down from this current rising wedge and any sort of prolonged fall could drastically change the projected date that the eve trendline will converge with it's neckline. Another reason we should hope we find a way back above the 4 hour 50ma soon because forming a few lower lows from here could potentially invalidate the adam and eve double bottom all together and absolutely no one wants that....which is why I think we may have a chance to break upwards. For now I will keep the idea neutral and do my best to be prepared and ready for either outcome. You choose your own path however, for this is not financial advice. Best of luck and thanks for reading!
9 candle closes above the 4hr t line ;3 closes above 50MAShort and simple update. After breaking up out of the most recent descending wedge on the 4 hr chart, and reaching the projected upward breakout target of that breakout we now have 9 closes above the t line and 3 closes above the 50MA Buy/Sell Line with 10 minutes left in a candle that also looks like it will close above both of those lines as well. Once it does that will mark 10 closes above the t line and 4 above the buy sell line....one more close above the buy sell line and we will be back in a buyers Market....so in anticipation of this I am going long...but as always will be prepared for the exact opposite outcome should it reverse course...Looking at the stoch rsi it seems like it wants to continue upward for a little while before retracing so I think it's a safe move. You choose your own path however as this is not financial advice. Good luck and thanks for reading!
3 candle closes above the 4hr 50MA Buy/Sell LineIts been a very nice rebound thus far and as you can see on the 4 hour chart we now have 3 candle closes above the ever-important buy/sell line (50MA), renowned technical analyst Steve Primo has often said that once you have 5 closes above the buy sell line you are in a buyers market and 5 closes below puts you in a sellers market, so we only need 2 more closes above this line to be in a buyers market on the 4hr chart. Considering how the T-line(in yellow) has now come up to almost overlap with the Buy/Sell line as a double reinforced support I think the buy sell line maintaining it's support role is highly likely and that we will indeed see 5 closes above the buy sell line on the 4hr chart. Which should finally push us back above the current fib line resistance and likely flip its role from resistance to support as well. I think because of these factors, the bulls will continue their bull impulse up after this brief consolidation....I personally don't think any significant retracement will happen until the next foib line up (in blue) around the big psychological support of 8,000...I expect at that time we will get our first real retracement that isnt just sideways consolidation...that will be a great opportunity for us to see whether or not we will get a higher low...we just recently got our first higher high in awhile and need to confirm that the bulls have taken control from the bears by getting a follow up higher low on the enxt retrace...and then a higher high to go with it on the impulse after that to confirm we are fully back in bull mode....once we can do that, I anticipate the bull surge will be enough to reverse the death cross and trigger a golden cross which should put us into a mega bullish mode and hopefully get us back above the1day charts buy/sell line high enough to get 5 closes back above it and put us fully back in the bull market for the second quarter of 2018. This big bullish domino effect starts first though with us getting our 5th candle close above the 4hr charts buy sell line.
An Importsnt look @ the 1day chart on BTC(potential deathcross?)We currently are finding strong support on the day T line(in yellow) however the 4hr charts current candle has only 10 minutes left and appears like it will close well below the recent bull flag...if so the probability of the next 4 hour candle also doing so thus confirming the breakout is pretty good. Once/If that happens we will most certainly fall under the current 1 day tline. One important thign to note is that even though we've been above the buy/sell line(50 SMA in Orange) for several days now on the 4 hour chart, you can see we're still very much below it on the 1 day chart...so in the longer term we're still definitely in a sellers market though on the 4 hour chart we've been in a buyers market...I was optimistic we would be in a buyers market on the 1 day chart soon enough as well, but am now seeing what looks like the 200 SMA(in blue) and the 50MA (in orange) are headed towards eachother in a way that the could cross paths within the next few days....if that happens based on the slope of both, you will likely see the 50 SMA cross -below- the 200 SMA which is known as the "Death Cross" and indicates that the path of least resistance is now to the downside...a very bearish signal indeed...which will likely result in me deciding to go short again until I see some sort of definitive bullish turnaround. There's a chance that something may happen to prevent the death cross in the meantime....but for now the slopes of both moving averages seem to indicate the highest probability will be a death cross.
Current Bullflag Grows Bigger Allows Potential For Bigger UpsideOn the rwecent 4 hour candle we can see thaat it has dipped down to test the T line a few times..even wicking below it once...whle for the most part the body of the candle is finding supprot right at the bottom green trendline of the current bull flag. The T line and the bottom trendline of the bull flag are close enough to eachother in proximity that they are somewhat acting as a team of double reinforced support. I still think this will likely be a bullish breakout considering we haven't yet hit the target of the descending purple wedge breakout...and now if it is a bullish breakout the added height to the flag would have our projected bullish price target surpass the original descending wedge target price. All very possible..However we need to strongly consider the alternative outcome of a bearish breakout which I have illustrated the projected target price of a bearish breakout too which would carry us back down to the buy sell line as likely support considering it is being double reinforced by the red fib retracement line. Both outcomes are possible so this idea will stay neutral but my bias is still to the upside so I think the bullish breakout has the highest probability and if not, on a bearish breakdown, I think once we hit the 50 SMA if it wouldrebounc pretty nicely and continue upward. Just my thoughts, not financial advice...I plan on laddering in at the dips.
1day green long legged doji closes on the trendline wallWith the 1 day candle closing on the trendline wall as a green long legged doji, we have a nice solid bullish 1day candle now it appears to be doing the same thing the past few 1 day candles have been doing though which is having their daily high hit the Tline(in yellow) and then bounce back down off of it. Today has been no exception you can see it has bounced down again after hitting the reistance of the tline with the green trendline on the 1 day likely acting as support. It may not be that big a gamble if I were to put a limit sell of a small fractional amount right under the tline and see if I could then limit buy it back about $100 above the green trendline. Just what I might do, I'm not reccomending anyone else try this...as I try not to give financial advice.
Today's Candle is Stuck Between the t line and the 200 SMAIf you take a look at this zoomed in picture i65.tinypic.com you will see that today's candle has been repeatedly bouncing up off of the 200 day simple moving average (purple) using it as a support line and also the T line(yellow) seems to be retaining its role from yesterday as the resistance line. Hopefulyl one of these bounces off of the 200SMA will give it enough momentum to close above the tline for the first time in 13 days. Now that the range has tightened it usually results in a big momentum boost one way or the other....hopefully that boost is upward.
JBLU LONG lots of support Stochastic s turning up JBLUE is holding this Trend-line support watch the levels 19.50-20 buy zones. The airlines are all hitting the buy levels. I cant stress enough, traders must learn to BUY the FEAR and SELL the GREED. Always have a plan and always have a stop. understand your parameters and you will do well.
KEEP IT SIMPLE TRADE LEVELS
